Constituent dispersion · breadth vs the index
SMH — VanEck Semiconductor
Divergence over time — price vs breadth, by horizon
The hero read is the 1-month picture; here the same price↔breadth divergence across 1 week / 1 month / 1 quarter, computed over the 126-session history. A/D /name is net advancers-minus-decliners per covered constituent; % beating Δ and median−ETF Δ show how participation shifted. Price rising while those fall = the move is narrowing under the surface.
| Horizon | Price | A/D /name | % beating Δ | Median−ETF Δ | Read |
|---|---|---|---|---|---|
| 1 week | +7.80% | +1.4 | -4pp | -3.97pp | Confirming ↑ |
| 1 month | -4.12% | -2.76 | -4pp | -1.42pp | Confirming ↓ |
| 1 quarter | +7.89% | -0.32 | -12pp | -1.13pp | Weakening |
Over the last 126 sessions: price up +45.08%, breadth up (+7.24/name) · % beating 52→36 · median−ETF +1.03pp→-5.56pp.
Stocks above their moving average — participation breadth
Of the 25 covered constituents, the share trading above each simple moving average — the classic breadth gauge. A firm index price with a low %-above-MA is a narrow, top-heavy tape. As of 2026-08-07.
New highs & new lows — by horizon
How many of the 25 covered constituents closed today at a new high (or low) over each window, and the net. A shrinking net as the index holds up = fewer names leading.
| Horizon | New highs | New lows | Net |
|---|---|---|---|
| 5-Day | 17 (68%) | 0 (0%) | +17 |
| 1-Month | 3 (12%) | 0 (0%) | +3 |
| 3-Month | 0 (0%) | 0 (0%) | +0 |
| 6-Month | 0 (0%) | 0 (0%) | +0 |
| 52-Week | 0 (0%) | 0 (0%) | +0 |
| YTD | 0 (0%) | 0 (0%) | +0 |
Generation Rotation — breadth by layer
The chip chain split into four layers. Which layer leads shows where leadership sits — the front-end Architects, the Equipment + EDA toolmakers, Memory + Substrates, or the Power + Cooling + Optical enablers. Sorted by 21-day median; the leading layer is highlighted. "21d contrib" is the layer's weight-times-return contribution to SMH's 21-day move.
| Layer | Names | Weight | Median 1d | 5d | 21d | Up / Dn | 21d contrib |
|---|---|---|---|---|---|---|---|
| Architectscompute + foundry | 5 | 40.9% | +1.71% | +9.88% | -3.87% | 4 / 1 | +0.18pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +3.52% | +6.61% | -8.67% | 10 / 0 | -1.53pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +1.99% | +6.57% | -10.13% | 6 / 2 | -2.30pp |
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | +0.70% | +9.66% | -10.59% | 1 / 1 | -1.61pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +1.96% | +2.27% | +0.31pp | 21 / 4 | 15 / 10 | 9 of 25 | ±3.06% |
| 5d | +7.80% | +6.87% | -0.93pp | 22 / 3 | 9 / 16 | 5 of 25 | ±5.25% |
| 21d | -4.12% | -9.68% | -5.56pp | 5 / 20 | 9 / 16 | 3 of 25 | ±9.58% |
| YTD | +61.80% | +59.12% | -2.68pp | 22 / 2 | 12 / 12 | 0 of 24 | ±60.61% |
Median − ETF below zero means the typical name is lagging the cap-weighted index — the move is top-heavy. "Beat" counts constituents outperforming the ETF over the window. Dispersion is the cross-sectional standard deviation of constituent returns — high = a stock-picker's tape, low = pure beta.
What drove the move — contribution = weight × return
Today (1d)
- NVDA+2.27%+0.32pp
- QCOM+4.66%+0.19pp
- MRVL+3.89%+0.16pp
- INTC+1.84%+0.14pp
- KLAC+2.53%+0.13pp
- AMD-1.21%-0.09pp
- MU-0.44%-0.03pp
- TER-1.45%-0.02pp
- ARM-1.43%-0.02pp
This month (21d)
- NVDA+10.44%+1.49pp
- AVGO+6.64%+0.4pp
- TER+4.57%+0.05pp
- SWKS+17.80%+0.03pp
- MPWR+1.99%+0.02pp
- MU-11.50%-0.87pp
- AMD-11.59%-0.84pp
- INTC-9.68%-0.73pp
- KLAC-13.69%-0.69pp
- LRCX-11.84%-0.58pp
Each name's contribution = its index weight × its return — the percentage points it added to (green) or subtracted from (red) the ETF's move. Computed across covered names.
Leaders & laggards (21-day)
- SWKS+17.80%
- NVDA+10.44%
- AVGO+6.64%
- TER+4.57%
- MPWR+1.99%
- STM-21.42%
- ALAB-19.95%
- NXPI-17.50%
- ON-17.06%
- ARM-13.82%
SMH — constituent leadership race
$100 in each covered SMH constituent at 2025-12-30, rebased to 100. Watch leadership change hands.
Each covered constituent started at $100 at the window open; the bars race by total return (top 12 shown). Decision-support, not investment advice.
Constituents — 25 covered · click a column to sort
| Symbol | Weight | Last | 1d | 5d | 21d | YTD | RS rank |
|---|---|---|---|---|---|---|---|
| NVDA Nvidia Corp | 14.31% | 223.96 | +2.27% | +11.56% | +10.44% | +20.23% | 92 |
| TSM Taiwan Semiconductor ADR | 9.19% | 420.04 | +0.44% | +3.91% | -3.87% | +38.53% | 68 |
| MU Micron Technology | 7.60% | 877.57 | -0.44% | +6.63% | -11.50% | +207.61% | 40 |
| INTC Intel Corp | 7.58% | 101.65 | +1.84% | +12.69% | -9.68% | +175.47% | 48 |
| AMD Adv Micro Devices | 7.29% | 483.36 | -1.21% | +1.51% | -11.59% | +125.70% | 36 |
| AVGO Broadcom Ltd | 5.95% | 427.76 | +1.71% | +9.88% | +6.64% | +23.85% | 88 |
| KLAC K L A-Tencor Corp | 5.07% | 198.11 | +2.53% | +8.36% | -13.69% | — | 20 |
| LRCX Lam Research Corp | 4.89% | 311.35 | +1.82% | +6.26% | -11.84% | +82.23% | 32 |
| AMAT Applied Materials | 4.72% | 539.14 | +2.21% | +6.20% | -8.41% | +110.05% | 52 |
| TXN Texas Instruments | 4.42% | 286.08 | +2.76% | +3.75% | -7.28% | +65.97% | 56 |
| ASML ASML Holdings NY Reg ADR | 4.36% | 1740.99 | +2.15% | +6.87% | -3.51% | +63.30% | 72 |
| QCOM Qualcomm Inc | 4.16% | 167.86 | +4.66% | +13.72% | -12.17% | -1.23% | 24 |
| MRVL Marvell Technology Inc | 4.12% | 218.72 | +3.89% | +16.61% | -10.07% | +157.69% | 44 |
| ADI Analog Devices | 3.82% | 389.93 | +3.34% | +6.13% | -0.94% | +44.23% | 76 |
| CDNS Cadence Design Sys | 2.09% | 339.24 | +0.24% | -0.23% | -12.10% | +8.53% | 28 |
| SNPS Synopsys Inc | 1.77% | 415.99 | +2.47% | +7.00% | -6.18% | -11.44% | 60 |
| STM Stmicroelectronics N.V. ADR | 1.24% | 56.10 | +5.29% | +7.08% | -21.42% | +116.88% | 0 |
| ARM Arm Holdings Plc ADR | 1.19% | 282.57 | -1.43% | +17.89% | -13.82% | +158.50% | 16 |
| TER Teradyne Inc | 1.19% | 379.31 | -1.45% | +3.16% | +4.57% | +96.05% | 84 |
| NXPI Nxp Semiconductors | 1.19% | 239.71 | +3.42% | +4.60% | -17.50% | +11.01% | 8 |
| MPWR Monolithic Power Sys | 1.10% | 1401.54 | +3.12% | -1.72% | +1.99% | +54.94% | 80 |
| ALAB Astera Labs Inc | 0.92% | 334.17 | +0.81% | +7.37% | -19.95% | +100.87% | 4 |
| MCHP Microchip Technology | 0.91% | 84.69 | +13.89% | +14.00% | -4.04% | +33.69% | 64 |
| ON On Semiconductor | 0.70% | 81.17 | +3.63% | -0.54% | -17.06% | +49.90% | 12 |
| SWKS Skyworks Solutions | 0.18% | 70.62 | +5.66% | +13.39% | +17.80% | +13.68% | 96 |
RS rank = the constituent's 21-day return percentile within the index (100 = strongest of the covered names). Weight is the index weight; returns use adjusted closes. Default sort: weight.
Other ETFs & indices
Dispersion is computed across the constituents we cover in our data lake (see coverage badge). Decision-support, not investment advice.